Wednesday, 1 April 2015
Last updated 7 hours ago
Mar 3 2008 | 10:27am ET
Phil Goldstein is taking his First Amendment fight up a few notches.
The activist hedge fund manager—best known for his successful battle with the Securities and Exchange Commission over its controversial hedge fund registration rule—is taking on the regulator once again, threatening to sue over its ban on hedge fund marketing and advertising.
The Bulldog Investors founder told the Financial Times that he had sent the SEC a letter demanding it ditch the rule, and threatening to file suit in federal court in Washington, D.C., if he did not get a response by the end of this week.
“We want to be able to have a Web site like any other business,” the outspoken Goldstein told the FT. “The only Web sites required to pre-qualify people are hedge funds and pornography.”
“Gun shops are allowed to advertise, the Massachusetts state lottery is allowed to have a Web site. We want to be treated like any other business.”
Bulldog’s Web site has already gotten it and Goldstein in trouble: Massachusetts Secretary of the Commonwealth William Galvin has sued Bulldog for allegedly marketing its wares to non-accredited investors. Goldstein has promised—and delivered—a strenuous First Amendment defense.
Goldstein, who has called Galvin a “pompous ass” and a “bully,” has said the ban on advertising is a violation of Bulldog’s free speech rights.
“Providing information is not the same as selling something, and this is still a free country, and that includes Massachusetts,” he said after Galvin filed suit. “What’s the big deal? We’re not planning a kidnapping here.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…